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asking for people’s advice in the industry can be very humbling; and learning
new skills can be very humbling if you take yourself out of your comfort
zone.”
While she was still in Sydney, Bennett had travelled back to Adelaide to
spend time with her grown children who hadn’t followed her to Sydney.
So when the role of Super SA CEO emerged, it made sense. A head hunter
told her to ‘put her hat in the ring’ for it. “I thought it would be an amazing
opportunity; it’s an amazing fund. I feel very privileged to be given this
opportunity.”
Super SA provides superannuation services and manages $28 billion for
220,000 public sector employees in the state. Super SA is a public sector fund
and still a constitutionally protected fund regulated by the State Government
and not APRA (though it mirrors APRA regulations).
Since joining, Bennett is developing a new three to five-year strategic plan
for the fund and “future proofing the fund”.
Super SA has lots of complexities including open defined benefit and
continues to have a mandated membership. There has been increasing
discussion and debate about offering choice of fund.
“Super SA will quite possibly have to change compared to what it is
today,” Bennett says. “Do we become limited public offer, do we continue to
have mandated membership? As part of the strategic direction of the fund,
‘future proofing’ is a key initiative. A number of scenarios are currently being
explored by the fund”.
Bennett says Super SA is working closely with the SA Government and key
stakeholders “to develop a plan for the future which is in the best interest of
members; but that also evolves the fund in the manner that would meet all
changes at a national level as well”.
More broadly, Bennett says the Royal Commission and Productivity
Commission report will impact all funds including Super SA, with a greater
spotlight on governance.
Bennett says she has one major focus: ensuring Super SA becomes more
member-centric. “Even though it’s a complex business and undergoing
significant change and transformation, the key thing is to remain member
centric.”
Bennett says research she conducted shortly after joining found that,
despite its size, Super SA members expect the fund to deliver a far more
personalised service. “That means treating them as individuals and helping
them understand their options.”
A key part of improving member services is the current roll out of a new
administration platform. But Bennett doesn’t rule out the need to develop
strong partnerships to help deliver and improve member experience. “Funds
that don’t have scale are going to have to find unique partnerships to
continue to deliver the services that members want. Fortunately, for Super SA
we have good scale.”
Bennett is loving being back in Adelaide, though she remains a West Coast
Eagles fan from her time in WA, and a South Sydney Rabbitohs member, a
legacy of her 12-year Sydney stint. And she is enjoying riding her bike around
the city’s hills. “Exercise is something that gives me life balance,” she says.
While her greatest personal achievement is “having kids who have grown
into “decent human beings”, one of her major personal highlights was
When you work in super it really gets
into your blood; it’s a very dynamic
industry. It always energises me to keep
working in financial services.
Superfunds October 2018